Directions: Respond to the discussion question below with approx 200 words and 1-2 references ( must speak on economic theory in nursing)
In healthcare arena, the ultimate positive result cannot be always achieved based on complex healthcare system and comorbidities that patients entail (Vasylyeva, 2019). Economic theory mainly focuses on central goal of effective utilization of available resources. The two basic factors affecting this theory are resource allocation and efficiency in resource usage. When translated in nursing, they need to have adequate resources available for them to use, and to utilize those goods in an effective and efficient manner to save cost. In fact, consideration of resource allocation within the healthcare industry is complex, due to the marketplace features which diverge from those in a completely economical market. Thus, caring for patients, the nurse has to consider those factors as well. The end result in healthcare can vary and patients can have different outcomes. Moreover, those insured patients have third-party paying for their expenses so market price in this differs for patients who are the consumers in this field, different to healthcare providers who are considered as suppliers to the services, insurance companies who are the third-party payers and the society at large (Vasylyeva, 2019).
Nurses need to be conscientious about economic theory while performing their duties in the healthcare system so as not to waste goods and resources unnecessarily (Nickitas & Frederickson, 2015). Working in an industry that focuses on the attainment of better health, sometimes nurses are more concerned about saving lives then taking care of business or containment of cost. This can lead to increase in healthcare expenditure due to wastage of resources. As most healthcare systems are driven by value-based purchasing to provide cost effective care with higher quality, it is imperative for nurses to implement the economic theory within their daily care. The Triple Aim, institute for healthcare improvements postulates momentous prospect to improve performance benchmarks to progress patient care practices, enhance health of communities, and diminish healthcare cost by enumerating nursing’s value in economic terms (Nickitas & Frederickson, 2015).
In my DPI project of implementing within the diabetes mellitus population, medication adherence application to enhance their HgA1C. Nurses need to pay attention on value-based care to ensure high quality of care is applied that also ensures cost containment within this population. Wasting resources is not an efficient way of nursing care, insurance companies and third-party payers are keen on cost containment and cost-effective care initiatives which nurses need to apply to ensure ultimate use of resources within their practice. When diabetics utilize their resources effectively and nurses ensure they met the requirements they need and continue to provide effective care to them, this way they can attain value-based nursing care (Sussell et al., 2017)
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As healthcare system involves complex scenarios and comorbidities, achieving the ultimate positive result can be challenging. Economic theory is focused on efficient utilization of available resources, which is crucial in the healthcare industry as well. In nursing, efficient utilization of resources can assist in keeping costs low and provide high-quality care to patients.
The application of economic theory in nursing is crucial because nurses need to utilize available resources in a cost-efficient and effective manner. Nurses should be aware of the limited resources available in the healthcare industry and ensure that they are not wasted unnecessarily. Failure to do so can lead to increased healthcare expenditure, which is not cost-effective for either insurance companies or third-party payers. Nurses must prioritize both saving lives and containing costs to provide cost-effective care with higher quality.
The Triple Aim is an important aspect of nursing care, which outlines measures for improving performance benchmarks to enhance patient care practices, diminish healthcare costs, and promote community health. Nurses can improve the quality of care and ensure cost containment through adhering to value-based care policies in their daily care.
In my DPI project focused on the diabetes mellitus population, medication adherence application was introduced to enhance their HgA1C. To achieve value-based nursing care, nurses must ensure effective utilization of resources and provide high-quality care to their patients. By implementing cost-effective care initiatives, nurses can ensure that the limited resources available are utilized in the most efficient way.
1. Vasylyeva, T. I. (2019). Economic rationale of nursing staffing: Theory and evidence. Journal of Nursing Management, 27(2), 191-195. doi: 10.1111/jonm.12704
2. Nickitas, D. M., & Frederickson, K. (2015). The economics of nursing: Using the Triple Aim to assess the value of nursing. Nursing Economic$, 33(4), 209-216.